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tv   Markets Now  FOX Business  September 11, 2012 11:00am-1:00pm EDT

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in the last contract were way above inflation. connell: we will talk more about it, thank you stuart. good morning everybody i'm connell mcshape. -- mcshane. dagen: i'm dagen mcdowell. can we avoid the fiscal cliff? look out below. connell: could the iphone be the answer to all of our problems? every one of them? one economist actually looks at the boost the new phone could have for the entire country. dagen: boeing evacuating a plant south of philadelphia a threatening letter is found. connell: and iraq's kurdistan shutting down the flow of thousands of barrels of oil, that's a tense situation. and our guest says it could have major implications for the oil market. that's why we are following it. more on that. as we come at you at the top of the hour on september 11th, 2012, nicole petallides at the new york stock exchange for stocks now, they always spend part of the day remembering
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today and also moving forward and trading stocks as they are. good morning. nicole: it is a day of remembrance. this morning we had a moment of silence and we see many folks coming here today, families and also those in service in their uniforms. it is a day to remember, september 11th. what we are looking at now in the dow, up 85 points, erasing yesterday's losses of over 50 points. i want to take a look first at some movers, though. looking at the luxury retailer coming out and just having to cut their full year profit numbers and big drop, biggest drop since their ipo back in 2002 for burrberry -- burberry. it is down 20%. it is taking other luxuries down with it, such as polo ralph lauren. zuckerberg will give an outlook today. take a look at mcdonald's, global same-store sales have been on the rise, didn't meet expectations but have been rising. back to you. connell: thanks nicole. dagen: house speaker boehner saying he's not confident that congress can avoid the fiscal
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cliff. connell: it all comes as congress today takes on the extension of a whole bunch of middle class and business tax breaks, total is more than 200 billion dollars with peter barnes on it from washington. what are they looking at, peter? peter: connell, this is the usual grab bag of tax extensions that congress approves pretty much every year. but thanks to big-time lobbyists and lawmakers from both parties, who want to help companies back home, there are lots of special interest tax breaks. 78 million dollars for auto racetrack owners for faster write offs of their investments. 248 million for movie and tv studios to help keep production in the u.s. when other countries are trying to get it. 7 million dollars for tax credits for electric powered motorcycles to encourage environmental and energy goals. supporters can justify all of them. and they are almost impossible to get rid of, especially when they might help the economy,
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might help maintain and create jobs in an election year. >> there's even one for liberty bonds in new york city as a result of 9/11 providing small businesses with a special tax break to start working around the world trade center. now, no one is going to argue with that because obviously it's a very emotional kind of issue, but those bonds have been extended now for 11 years, and yet they have barely been used. peter: critics say the bill drives home the need for comprehensive tax reform. it passed the senate finance committee last month. 19 to 5. with 6 republicans supporting it. they say they worked with democrats to cut 21 special interest provisions, including that notorious tax credit for electric golf carts. dagen and connell? dagen: they are also trying to fix -- do the alternative minimum tax patch right?
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which they should have done at the end of last year and didn't? peter: right, and so this is a must pass bill, and so guess what? all of this other stuff gets thrown in and will likely be approved. connell: right. dagen: great. peter thank you. connell: our next guest says that congress does not want -- this is great news -- it does not want to run our economy back into a debt spiral. dagen: house speaker boehner says he is not confident they can avoid the fiscal cliff. do you think those are scare tactics or do you think there's a chance they do not deal with spending and impending tax hikes? >> there's always that chance, i think it is politics as usual, i think they are posturing, i think in the final hour they will come to solution that will postpone the mandated spending cuts and extend the bush tax cuts. connell: at the end they will
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get something done, but it changed a little bit last year in that they postured so much that we were downgraded, i mean it came very very close so maybe one of these times we do run over a cliff as i think some people start to fear, but what do you think of the odds of that are? >> i would say 10 or 12 percent. if you go talk to the new people who were elected midterm, they are more practical coming out of the private sector and i think that's a palpable change inside the d.c. beltway. dagen: being practical though as an individual means you don't get anything done down in d.c. and i wonder until their hand is forced to really deal with the tax code, really deal with revenue and spending in this country, and i mean by higher interest rates will anything really permanently get fixed? >> the people i talk to and i lived inside the beltway for years, the people i talk to realize we are on an unsustainable path and they are afraid of spinning us back into a debt spiral in the economy. i think in the final hour they
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will come to some kind of agreement. connell: the stock market has been doing well through all of this. do you expect it to continue? what assumptions are you making? do you make political assumptions? obama wins or romney wins? or congress goes republican? do you make assumptions about these things as you are thinking about investing? >> i do. i think the republicans will take back the senate and for the equity markets to have a republican congress, that would be both the house and the senate is more important than who is president. the market does better when you have a republican congress. connell: okay. fair enough. there you go. that's what he's thinking about. thank you for coming in. dagen: thank you very much. we have a news alert for you, boeing evacuating its plant south of philadelphia. the company saying several hundred employees at the facility in pennsylvania were evacuated at about 7:30 a.m. eastern time. authorities say a letter was found threatening the facility. this plant makes aircraft for our defense department including the ch-47 helicopter and the
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v-22. boeing, you can take a look at how the stock is trading, but we will monitor the situation as it develops. connell: day two chicago teacher strike, 26,000 public schoolteachers walking the picket lines. dagen: this matters to the future of our country both in terms of education, our fiscal future. steve brown from fox news is all over it to explain, well, will it get resolved? steve? >> well it is going to be some time before we get an end to the strike, that's just the feeling a lot of folks in regards to now day two of the teachers' strike. let's set the scene right where we are. the building that these teachers are striking in front of is 125 south clark street, that's the headquarters for the chicago public school system or cps. that's where all the folks that make the decisions are and this is where much of the protesting has been consistently. yesterday there was a huge rally. there were thousands in the street. the teachers union says there was 10,000. i didn't count all the heads,
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but it was an impressive number of folks that basically stopped up traffic in sections of the downtown loop for better part of hour and a half to two hours. show of strength certainly. the teachers are showing resolve that suggests they are ready to go for long hall. and based on the tenor of the negotiations this might have to go for long hall. coming out of the negotiations, the school board president was talking about well maybe we can get something done tomorrow. this was yesterday. well, karen lewis, the president of the school board, she said well he hasn't attended these meetings, doesn't know what's going on here, he's attended too few of these sessions, too much to talk about. still totally unsatisfied according to both sides is a new teacher evaluation system, essentially grading the teachers. this is something that the teachers union has their heels dug in on and it looks like it is slow going. dagen and connell back to you. dagen: thank you for all of that.
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thank you for following that developing story. judge andrew napolitano is coming up next hour with his thoughts on it. stay tuned. connell: other headlines today, go daddy.com says service has been restored to most of the websites that it hosts. a lot of people just know go daddy from the television commercials. dagen: uh-huh. danica patrick. connell: a hacker claiming responsibility for yesterday's outage affecting millions of websites for go daddy. the florida pizza parlor owner who gave the president a big bear hug over the weekend he's now facing some on-line backlash for all of this. there you go. that was only part of it. the reviews on the restaurant, over 2000 reviews now. last week there were two. now there's 2000. maybe it helps business. at the end users using the page debating politics and sometimes threatening to boycott the pizza
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place because this guy hugged the president. dagen: i'm going to give connell a bear hug. we will post it on twitter. how's that? we will take a picture of it. connell: well -- dagen: one economist says apple's newest iphone could be the kind of boost our economy needs that the federal government hasn't been able to deliver. connell: a tense situation in iraq may end up being the next shock for the oil markets. that's something we will talk about. as we do every day at this time, we show you the price of oil, rite on cue -- right on cue, just below $97 a barrel. nobody is hugging anyone, but we will be right back. [ male announcer ] if you believe the mayan calendar,
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td ameritrade's investment consultants can help you build a plan that fits your life. we'll even throw in up to $600 when you open a new account or roll over an old 401(k). so who's in control now, mayans? connell: remembering the september 11th attacks, 11 years, this latest remembrance taking place at the capitol today with the speaker of the house john boehner doing the speaking right now. you can see the minority leader in the senate mitch mcconnell behind him and other leaders from both the house and the senate in a day as always of remembrances here in new york, down there in washington, and out in pennsylvania as well. dagen: it was on that horrific day 11 years ago that cantor
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fitzgerald lost two thirds of its workforce. in this time of remembrance today, now the company holds an annual charity day to help give back in honor -- and honor those who were lost that day. connell: sandra smith is joining us now in new york. sandra? sandra: i'm joined by the owner of the new york jets. thank you very much for joining us. >> happy to be here. sandra: this is a very important day for you. >> it is extremely important, two things, 9/11 and remembering all the people who perished on 9/11 and what happened on 9/11 that time when really americans experienced this great tragedy, but showed their resilience and showed their patriotism and their resolve, and this firm was destroyed on 9/11 and came back, and you can see how well it's flourishing today. sandra: lost 658 of their employees and promised to reunite. and this charity day is part of that and that's what brings you
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here. >> i represent alliance for lupus research. it's a very very difficult disease. we're raising money, about 2 million dollars a month and we hope to do really well today. sandra: what do you remember the most about this day? >> i actually remember that my first memory was people walking up 5th avenue the wrong way with no cars, and then you could realize that the world had changed fundamentally at that moment. sandra: yes, absolutely. i know connell is listening. i know he wants to know the answer to this question. will the jets win the super bowl this year? >> well, i tell you, the most important thing we're doing is remaining extremely humble and focused. we've got the steelers to play this sunday. we're going up this and going to pittsburgh and prepare all week to try to get the job done. sandra: you had a heck of a win over the weekend. congratulations. i want to tell you why he is so
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distracted right now. can i show it over here as i toss it back to you guys? >> hi. sandra: back to you guys. connell: sandra smith there at cantor. time to make a little money with our buddy charles payne right now. dagen: hey charles. speaking of being dressed up. charles: thank you very much. the market is looking a little toppy so this idea might be counterintuitive, but i like urban outfitters. this is a name i have liked for a long time. i credit my son for this one. a lot of resistance here around 40, 41 dollar area but if it breaks out i think the next leg up on the side could probably take it 45, 46, 10, 15 percent
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trade. beat the street two quarters in a row. we know this teen fashion stuff is a little fickle. dagen: a little? somebody said something negative about this company tomorrow and it's bye-bye. charles: yeah i hope they don't tweet i like it. dagen: they also do own other chains as well, it is not just urban outfitters. charles: they do. some of the stuff in there is like a lot of parents don't want to read what's on the t-shirts and on some of the stuff they sell in there because we have come a long way with vulgarity in this world, but still the kids like it and the product is flying off the shelves. connell: next we will take a look at the latest tensions we are seeing in iraq and how that situation may play out in terms of the price of oil. dagen: and americans, the airline -- and american, the airline turns to apple and pilots have ipads. we will cover that for you. first a look at world currencies and how they are holding up against the dollar today. want to try to crack it? yeah, that's the way to do it!
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>> at 22 minutes past the hour, i'm juliet huddy with your fox
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news minute. americans mark the 11th anniversary of the september 11th terror attacks today. thousands gathereded at ground zero in new york. the pentagon in washington, d.c. and shanksville pennsylvania to read the names of the victims of the attacks. the chicago teachers union and school board officials are back at the bargaining table today as the strike by the city's teachers enters its second day. the school board's president says the two sides are going over technical issues and have so far failed to take up key points of contention. and benjamin netanyahu says the u.s. has forfeited its moral right to stop israel from taking action against iran over its nuclear program. netanyahu made the comment after the obama administration refused his call to set a red line for tehran's nuclear efforts. those are your news headlines on fox business network. i'm juliet huddy. dagen? dagen: thank you. great to see you always. so you worry about iran. you worry about israel striking
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that nation. and then the conflict in the middle east that you need to worry about more than those? iraq. listen to this news, kurdistan halting two thirds of its daily oil flow last night continuing its ever present dispute with baghdad over oil rights. joining me now is helima croft, senior geopolitical strategist for barclays. >> potential flashpoint in terms of iraqi production. it has soared this year. one of the reasons why we've been able to absorb the loss of iranian exports, a million barrels are off the market is because iraqi exports have grown so strongly this year. this is a big point. the kurdistan regional government says they should have complete autonomy in determining their energy policy whereas baghdad says no only the central
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government can deal with oil contracts. they don't have a lasting binding oil law. so we've watched this very very closely. dagen: do you think this is fully factored into the price of oil? we want to take a look at it right now, trading at 96.91, a little below 97 dollars a barrel. >> i don't think so. people look at iraq and say production has grown, we don't have to worry about it, but we have had a sharp uptick in violence in iraq this year. it is not only the kurdistan production we have to watch. we have to watch for a situation where potentially we see some attacks on the southern energy infrastructure. we had 100 people killed in attacks on sunday. we haven't had yet bombings of southern pipelines. northern pipelines. but if we ever saw sustained attack on the southern infrastructure, i think oil companies would be very nervous about operating there and we potentially would see some of those big gains in iraqi production reversed. dagen: what do you make of the comments out of netanyahu about the united states and how that relates to what israel does against iran and what we do again to stop iran from developing nuclear weapons?
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>> it is a really interesting statement from netanyahu. hillary clinton came out yesterday and said no deadlines. i think the israelis want a firm deadline from the united states on when we will do military action because ultimately if you look at this operation, yes, the israelis can hit something, yes, they can do some damage, but only with the united states, only with our b-1 bombers and cruise missiles can you do significant long-term damage to the nuclear facilities in iran. so the question is, yes, the israelis could go alone, but it is always far more optimal to get on board with the united states. so i think this issue is going to remain a live issue into 2013, because i don't see how we have an off ramp. dagen: right. helima terrific to see you. we covered so much in little time. next time more time i promise. >> thanks. connell: new book that's come out from bob woodward. we will talk about that book on
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the day in which boehner has made new comments about the fiscal cliff, but politics certainly taking a backseat today to the remembrances of 9/11, and we will continue to remember this day, 11 years ago. one of the hardest hit firms or the hardest hit firm really was cantor fitzgerald 11 years ago. we will go back there and get another report from sandra smith. it is all coming up as markets now continues. hmm, it says here that cheerios helps lower cholesterol
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blaming the president. straight up cash for the economy, why the iphone may be the stimulus that we all need to grow. coca-cola has the world in its hands, well almost. can you name the two countries in the world where you cannot buy a cola? we will tell you where they are coming up. bottom of the hour stocks now and every 15 minutes. nicole petallides taking another look at aig. nicole? nicole: for somebody who had a diet coke for breakfast, i'm not going to those countries any time soon. the number one mover at the new york stock exchange, aig. right now you can see it 33.05 is where it is trading right now, down 3/4 of 1% today. one of the reasons why we're watching aig today, yesterday of course we watched it as we learned that the u.s. treasury was going to be dumping out of it. today we are learning more about that. also s&p is revising their outlook on aig to negative from stable. this comes on the heels of the
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fact that they announced that they are going to sell up to -- almost 21 billion dollars worth of aig common stock, and they will be reducing their ownership to less than 20% from a -- right, they had 53% earlier. so this is big news for taxpayers and of course aig which is selling off. back to you. connell: all right nicole see you in less than 15 minutes. speaker of the house boehner saying today that he's not confident at all that something can get done in terms of the fiscal cliff and now he's been pointing the finger at president obama arguing something could have been done a long time ago. to talk all about it is chief political correspondent for the washington examiner, fox news contributor, joining us from d.c. let me start with with today's comments, we can work back, but when you hear speaker boehner saying i'm not confident at all that we will get something done with the fiscal cliff, is that setting it up politics, or is it something that we should say maybe they won't? >> they didn't get it done when it came to the grand bargain.
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what we learned now with this new bob woodward book, last summer, summer of 2011 in which they got very very close to a bargain that would involve huge spending cuts and some revenue increases. they appeared to have had a deal in which john boehner -- the speaker of the house -- had agreed to new revenues. that's tough to sell to his republican caucus. obama wants 400 billion dollars more. boehner goes back to his group, obama tries to call him on the phone, three times in the daytime, and the president -- and boehner doesn't respond to his calls, which is pretty amazing. they finally talk. aides say that obama was holding the phone so tight they thought he was going to break it. and the deal all fell apart. there's a lot of bad blood before any deal could happen now. connell: in that woodward book seems to be all the talk in washington that you just
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described, seen some headlines and excerpts some things, i will read it when i have a chance to and see what exactly was said by woodward, but it really has people saying you know, maybe this whole idea of a balanced approach, as the president's called it or something close to simpson bowles that that's not anywhere close to realistic, that that will never happen. what do you think? >> well, i mean we had simpson bowles, and we had a number of people from both parties on it. and republicans including paul ryan by the way, the vice presidential nominee now decided -- who was on the committee -- decided not to go along with it because they felt it didn't do enough to deal with the larger entitlement problems, specifically with medicare. so there's no indication to me that there's going to be any happy deal coming up because they simply haven't been able to do it in the past. connell: yeah, this idea of a grand bargain, well, doesn't look good right now. byron york thank you for joining us today. we appreciate it.
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>> thank you. dagen: cantor fitzgerald who can forget lost two thirds of its workforce because of the terror attacks on 9/11. and on this anniversary, every year, the firm raises money to help give back and also honor those who were lost that day. connell: sandra smith has been reporting today from their trading floor and rejoins us right now. sandra? sandra: yeah, nearly 700 of the employees of this firm were lost on that day and to reunite after 9/11, bgc partners was formed several years ago. it went public. it's now over 8,000 employees globally and today is a big charity day. did anybody see board walk empire? big actor from the show and actually you are here to represent a charity on what is 9/11, the memory of. >> yeah, i'm here for solving kids cancer. it is a great organization that's sort of finding new ways to treat kids. it deals with the three most lethal of the kids cancers which
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is neuroblastoma and sarcoma -- sandra: will you do a few trades? >> i have done a few trades, i can honestly say i have no idea what happened while i was on the phone. sandra: i hear that a little bit as i'm walk on the floor. paul, thank you very much for joining us. we are going to go to a trader now. you are helping some of these trades take place, 100% of the commissions going to charity today. >> yes, absolutely. this is -- you know, we lost a lot of friends. we lost family. this is just a way for us to give back. you know, in this society, we have a tendency to forget. and we can't. we just can't. we have to remember that these were our friends and our loved ones. sandra: and this you can come back because you have proven that you have been able to bounce back from that tragedy. >> absolutely true. we're all pretty happy to contribute and are thrilled to
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be here today. sandra: thank you very much for joining us. guys, everybody has been roaming the floor here from eli manning to woody johnson to mark sanchez, you name it. actually i just saw spider-man walk in. we will have more throughout the day. stay with us. it is a big day. we'll be coming back to you from the trading floor. dagen: i want to know who they are whistling at. sandra? sandra: i'm looking. they are clapping for us. the tvs are on. dagen: sandra thank you very much. a reward that the irs has handed out, a 104 million dollars to a whistle-blower in a major tax fraud case against the swiss bank ubs. he turned information over to authorities and forced ubs paying fining back in 09. but he was thrown in jail when authorities said he withheld other information. he was freed last month from
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prison and now his attorneys say the irs will give him 104 million dollars, whistle-blower payout for the information he turned over. connell: here's a piece of breaking news that's just come in on go daddy.com. we talked about the outage yesterday on the websites hosted by go daddy.com. and the speculation was that they were hacked. not according to go daddy which has just reported in a release that they were not hacked. this is what they are saying and how they are referring to the outage. it was not a hack and it was not a denial of service attack. we've determined the service outage was due to a series of internal network events that corrupted router data tables. not a hack. according to go daddy.com. dagen: there you go. apple juicing this economy, how the new iphone could help this nation grow. connell: a whole nation, thanks to the iphone, okay, well, we'll see. and then george soros with some tough words for germany? he says put up or get out of the the euro.
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wait, germany out of the euro? we will talk about that in a moment. we will take a look at all the markets from around the world, including treasuries, seeing a little bit of bump up in treasury yields 1.7% on the ten-year note.
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>> i'm lori rothman with your fox business brief. the trade deficit grew slightly
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in july as exports through germany france and other european nations shrunk and imports from china soared to monthly record. the number was still narrower than expected. u.s. small business owners are growing less pessimistic according to to the national federation of independent business optimism index. the august reading of 92.9 marks the first increase in fact in fur months -- four months. legg mason's ceo is stepping down. joseph sullivan will be interim ceo. dow is up almost 100 points. that is the latest from the fox business network giving you the power to prosper.
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dagen: breaking news europe's markets closing right now, ashley webster is here with how worried investors are about that
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german court -- ashley: probably be okay but who knows in the euro. greece's leader taking begging ball to ecb today. george soros says germany must lead or leave the euro. my oh my. meantime european stocks made some modest gains today. they were down for most of the day. ftse coming back to essentially flat on the day but the cac and dax up quite nicely picking up some sentiment out of the u.s. greek unionists chanting get out of here formed a human chain in athens today to block the entrance to labor ministry and forced a delay yes in talks between greek leaders. greece must present u.s. austerity plan in front of finance ministers on friday. prime minister off to frankfurt today to meet with the ecb president. investors fretting over comments
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made spain's prime minister -- made by spain's prime minister. and billionaire financier and political activist soros says germany should lead the european uni -- union or just get the heck out. he says they should be more willing to allow debtor countries to refinance public debt at an affordable rate. he also believes germany's economy will fall into recession within six months. you can be sure he won't be getting an invite from merkel any time soon. dagen: no, but he doesn't need one. ashley: no he doesn't. dagen: thank you very much. connell: let's go to keith springer, president of springer financial, has a book called facing goliath how to triumph in the dangerous markets ahead. let me start with this talk with ashley, talking about the comments of soros. what do you make of it in >> i think it is crazy, connell.
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can you imagine someone saying you don't have to be fiscally responsible? it is okay to spend like a drunken sailor and not have to repay your bills? that's no way to run a country, a euro block or a continent. i don't know how he can really come across and say something like that and be treated seriously. connell: but this german court decision is serious, the one that is expected out tomorrow. they hold kind of the future of the european rescue at least in their hands. what do you expect there and the effects on the markets? >> i expect the german parliament to basically grant it. they know it is in their best interest. they don't want to give it away, but they know it is in the best interest of germany and the rest of europe. what they are trying to get is europe to be fiscally responsible. they are trying to say look spend within reason. let's get reasonable growth. everyone will benefit but you can't just allow countries not to repay their debt. there's no way to run a country or a goverent or anything like that, and it's the same in this country. i would expect the german
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parliament to give its authority, if it is going to be tight, there's going to be a lot of bickering back and forth, it is probably going to help the markets, going to help the u.s. market as well, and everybody has to be careful. investors in the u.s. have to be careful. should continue to look for income and dividends, that's what we do for our clients. just be wary of risk, don't take too much risk. connell: wrap it up here quarter after the hour so we can get back to the markets. keith, thank you. >> thank you. connell: nicole is back at the stock exchange. looking at apple? nicole: up arrow today, up more than $3 right now after hitting new all-time high yesterday of 683 and change. certainly there's a lot of anticipation as everybody awaits the iphone 5 tomorrow. there was some talk that maybe people skipped right over the 4. so there's certainly a lot of anticipation waiting for the iphone 5. also the fact that we're waiting also to hear from mark zuckerberg today and that's another thing that we're looking at on facebook. so there's a lot going on in the tech world, and you can see up
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arrows. the nasdaq composite by the way is up 1/3 of 1% and the dow is up 3/4 of 1%. back to you. connell: thank you, nicole. dagen: new iphone 5 gets unveiled tomorrow. connell: let's bring in lauren simonetti in. it is going to be a big seller, everybody would think about that. but help out the entire economy? >> it's the solution to world poverty -- no i'm kidding, but serious in the sense that it could help the u.s. economy for sure. consider the latest note by jpmorgan chief economist he says he expects 8 million of the iphone 5 to sell in the all important holiday quarter. he figures 400 bucks each. he says the device is typically about $600 and then factor out 200 bucks which would go for the imported component cost, anyway you multiply them like that 4th grade math example and you get 3.2 billion dollars. that's the boost to the u.s. economy in the fourth quarter. now he continues to say that
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this would boost annualized gdp growth by a third of a percentage point and that lift would limit the down side risk to our q4 gdp growth productions which remain at 2%. so obviously this is a big projection, and he notes that the estimate is large but if you look at how the iphone 4 s did, the numbers were pretty good, we did see a huge pop in sales. dagen: what about the rest of the tech industry? >> did you see what t-mobile is going to do? they have a campaign where they are set to launch tomorrow, where they say if you are an at&t iphone user and you are out of your contract, give us your iphone and the perk here would be unlimited data. so everybody is looking to get in. the best part about this is that apple hasn't even announced the iphone 5 yet. connell: right. >> we saw the secret 5 on the invitation, but -- connell: thank you lauren. you can buy a coke anywhere
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around the world, well almost anywhere but we will bring you to two countries that do not sell coca-cola. dagen: and jeff flock on the untrained worker in america. it's about finding a job. jeff? jeff: this is a story that i would not believe were i not covering it. 600,000 jobs are going one -- in this county. i will be back with a full story. you won't believe this. stay tuned.
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dagen: engineers are in demand. a a new report out says that there are 600,000 unfilled engineer and highly-skilled manufacturing jobs in the u.s. connell: with that we go back to jeff flock in plymouth michigan. jeff? jeff: 600,000 jobs that we need people for that we don't have. take a look here, this is one of the world's largest automotive suppliers. i have the president of north america with me.
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tell me why it is -- i put those numbers up, 600,000 and they suspect it is only going to get worse. why? >> in 2008, 2009, we had the downturn, many companies had to restructure and had to release engineering talent, so did we and people left the industry, they went to renewable energies -- jeff: they left you and left michigan because this is ground zero for the problem. >> absolutely. in 2010 and 2011, the industry bounced back, and we're back to the old volume, but the people are not here to hire and to perform. jeff: that's the thing, automotive has recovered so quickly, and what you are looking at here by the way are spraying systems, maybe you see the big housing, you build the systems, the the spraying systems that paint the cars, you don't paint the cars yourself. and you just can't find enough people. >> exactly. to maintain the work, we are
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going to subcontract with known engineering houses. we are going out of state. we are going out industry. jeff: and they are paying 80, 120,000 dollars for these jobs which typically wouldn't pay anywhere near that kind of money. heck of a story. jobs to be had. come on down. michigan, detroit. it's happening. connell: thanks jeff. dagen: thank you very much jeff. a quick sports update for you, well maybe more like a marathon for the players and viewers of last night's men's u.s. open final. andy murray from britain, scotland finally wins one. the whole match lasted a record time, 4 hours and 54 minutes. it went to 5 sets. this was the first grand slam tial for the -- grand slam
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tial -- grand slam title for murray. connell: there he is. happy to win. did you watch the whole thing? dagen: not the whole thing. i love to see two sets, one player, two sets, another, and then five sets, love that. connell: we're going to come back in a moment. it was a great match. you know the judge, andrew napolitano, i have been told he has some real strong thoughts on the chicago teachers strike. guess what? he's agreed to make them public. dagen: he's up in the next hour. when i found out my irregular heartbeat
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put me at 5 timesgreater risk o, my first thoughts were about my wife, and my family. i have the most commonype of atrial fibrillation, or afib. it's not caused by a heart valve problem. i was taking warfarin, but my doctor put me on pradaxa instead to reduce my risk of stroke. in a clinical trial, praxa® (dabigatran etexilate mesylate) reduced stroke risk 35% better than warfarin. and unlike warfarin, with pradaxa, there's no need for regular blood tests. that's really important to me. pradaxa can cause serious, sometimes fatal, bleeding. don't take pradaxa if you have abnormal bleeding and seek immediate medical care for unexpected signs of bleeding, like unusual bruising. pradaxa may increase your bleeding risk if you're 75 or older, have a bleeding condition like stomach ulcers,
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or take aspirin, nsaids, or blood thinners, or if you have kidney problems, especially if you take certain medicines. tell your doctor about all medicines you take, any planned medical or dental procedures, and don't stop taking pradaxa without your doctor's approval, as stopping may increase your stroke risk. other side effects inclu indigestion, stomach pain, upset, or burning. pradaxa is progress. having afib not caused by a heart valve problem increases yourrisk of stroke. ask your doctor if you can reduce your risk with pradaxa. dagen: we did reenact the pizza parlor bearhug and we posted it on twitter.
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connell: yes. it was week. [ talking over each other ] that is where we will end it today and maybe every day. over to cheryl and dennis. dennis: i am dennis kneale. cheryl: hi everybody. i am cheryl casone. moody's says unless congress gets its act together, the nation will be downgraded. connell: the standoff. today judge andrew napolitano wonders where the mayor really secretly want the strike. cheryl: today, wall street remembers 9/11 with a moment of silence. we will be live at fitzgerald. dennis: stocks now as we do every 15 minutes.
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nicole: pretty amazing here. multi- year highs for the averages over the last few weeks. we are back with the up arrow speared we have erased yesterday's losses. right now at this time, you can do the tech heavy nasdaq up a quarter of a percent. the dow up more than .5%. they always called these financials the lightning rods of the market. take a look at some of our big movers here. not wells fargo. citigroup and morgan stanley, bank of america, all gaining more than 2%. cheryl: we will see you, of course, and 14 minutes from now. that is according to the nfib.
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clint greenlee a small business owner says this index does not show the real story. clint, great to see you. you say this index is off. >> i think it is missing the big picture. there is so much uncertainty. the tech up was so small. there are so many bad things going on with europe, our political system, too many problems right now. cheryl: one thing i found interesting, they say 21% of small businesses take their biggest problem right now owner red tape. do you have experience with that? >> unfortunately, there are so many different rules and regulations. the healthcare law and the healthcare we are supposed to be providing.
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finding out where they collide. i have two people working on this. we are spending almost two full-time people between now and november to figure out how to provide the best healthcare. cheryl: i want to ask you about hiring. i am not ready to hire, the market place is uncertain, the fiscal cliff, etc., etc., businesses, there are loans out there, but businesses are not taking them. does that surprise you at all? >> no, not at all. there is a lot of cheap money out there. it would be a huge jump for me to take it when i had no idea what tomorrow holds. it will get. astronomical for us very
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quickly. we have to be very careful when taking out loans. cheryl: what do we have to do between now and november? >> we hold on tight and hope something good can come from this. cheryl: okay. okay. one of the things nfib did mention what political uncertainty. small business owners seem to agree with you there is too much uncertainty. one of the things i think surprised many of us is a global competitive ms. of this country has fallen substantially. we are now number seven. we are behind a lot of countries that shock us. what do we have to do to be number one again?
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>> we have great small businesses. we keep on dropping further and further. the more red tape we put on there, the further we will get. cheryl: clint greenleaf, thank you very much. dennis: john boehner saying congress is so divided he is not sure we can avoid the fiscal cliff. dan shafer joins us now. the dial is up 85 points. to new highs. maybe the market do not care about a debt downgrade from movies. >> the moment they do not care, they are up because of bernanke.
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this is a little bit of a fluff. it just does not make sense. the treasury market just does not make sense right now. dennis: this fiscal cliff, you think it is coming and how damaging will it be? >> yes. the tax laws go into effect and they get the austerity of the government slows down on spending or it goes the other way which will still not help the country. the fiscal cliff is we cannot pay back the debt that we have. and we cannot tax the people during a recession. when you have a normal economy the government can put up some debt to try to stimulate the economy. we already have the $16 trillion in debt. there really is nothing else to do and people are not spending money. this is part of the consumer confidence survey.
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they just cannot spend money. dennis: and things are still bad and bleak, why did stocks rise 10% since june? >> i cannot answer that for you. maybe the market will fall apart good there are a lot of technical things about that right now. you can clearly see that the consumer confidence index really is what led the s&p to fall. dennis: i think in 40 years we were at 19.5 earnings. >> the bond market is predicting
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a serious deflationary depression. the bond market is always ahead of the stock market. what will happen now is that debt is being downgraded as we talked about. if treasury interest rates start to go up, it will compete with the terms and the stock market. dennis: they are lower than they were a year ago. >> we have not just those things, though we have a major election ahead of us. depending on that, that will affect the market. people are uncertain. things are out of this location. causing asset bubbles by dislocation and throwing money into the system to try to inflate it. we are in a deflationary environment. this is history repeating itself. dennis: dan shafer, thank you for being with us.
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thank you very much. cheryl: all right. it is day two and both sides of the chicago's teacher strike remained very far apart. all rise because judge andrew napolitano is here. dennis: and coffee prices are perking higher. we will be live at the cme on how you can brew up a prophet. cheryl: and apple cutting the youtube app from the new iphone. you may have to sit through a commercial or two. take a look at oil as we do every day. ♪ everyone has goals.
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♪ cheryl: it is time to make money with charles payne this hour. he has a technology stock for your portfolio. charles: it is doing pretty well today. it is an israeli company. computers, databases, servers, they can speak to one another. the last time they reported they beat the street by 34%. phenomenal play.
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there was a pullback recently. here is the problem, why did it pullback last week? the cfo left. if they leave or go to another company, he left to spend time with his family. that seems like a red flag. maybe the sailboat did go to spend time with his family. there are some gigantic offers out there. dennis: they also have headquarters in california. charles: oracle has a stake. they have an agreement not to go after more. fidelity owns 14%, but they will not take over. i think this company will continue to take away market share. right now looking at $140 a
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share. the pad ratio is 0.5. cheryl: charles payne, thank you very much. it is coming up on 15 past the hour. stocks now, of course, every 15 minutes. nicole: today is a day. we are looking at the dow. 73.2 the upside. we have seen the financials doing very well. we are standing here in remembrance of september 11. we had our moment of silence here on the new york stock exchange. the composite and s&p 500 with up arrows. a lot going on with the market and a day of remembrance. we thank you all.
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>> god bless the usa. dennis: thank you. bill plante joins us with the details from the cme. >> last week nobody wanted this market. we had a record short of coffee. up 2% today. next year's crop does not look that big. the concerns about the vietnam coffee crop. if we do not get a good crop in brazil, we will see those prices go up. back to you. dennis: thank you very much, phil flynn at the cme. a strong start for the former host of that nbc's today show. she scored the highest ratings
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mark for a new talker and more than a decade. it got a rating of 2.8% of all tv homes in the u.s. last time it happened at that high level 2002 with the premiere of doctor phil. cheryl: with obregon, who are the big celebrities going to go to? dennis: we look at day two of that chicago's teacher strike with no end in sight. parents have to skip work because they have nowhere to bring their kids. cheryl: everybody rise, judge napolitano is here to give us his take on the chicago's teachers strike. ♪ [ female announcer ] they can be enlightening.
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hey, bro. or engaging. conversations help us learn and grow. at wells fargo, we believe you can never underestimate the power of a conversation. it's this exchange of ideas that helps you move ahead with confidence. so when the conversation turns to your financial goals... turn to us. if you need anything else, let me know. [ female announcer ] wells fargo. together we'll go far.
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can you print only stamps? no. first class. priority mail. certified. international. and the mailman picks it up. i don't leave the shop anymore. [ male announcer ] get a 4-week trial plus $100 in extras including postage and a digital scale. go to stamps.com/tv and never go to the post office again. >> at 21 minutes past the hour, i have your fox news minute. ceremonies of the 9/11 attacks
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are being observed. president obama and first lady michelle is at the pentagon and vice president obama -- the u.s. has forfeited its moral right to stop israel from taking action against iran nuclear program. the obama administration refused to set a boundary. the head of the school board and chicago police a new contract can be reached today ending the strike. the president of the teachers union is not as optimistic. that is your fox news minute. i know you are talking about this coming up. i am j huddy. dennis, back to you. dennis: judge andrew napolitano is here. he is wondering whether the
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mayor really wants this strike. >> i say this as a way to complement him. he really is and all encompassing, all controlling type of man. they have a strong mayor system. he does not need the permission of the city council for much of what he does. it is hard to believe that union leaders, who are democrats, who endorsed him enthusiastically, who raised money would defy him and go on strike against his wishes. i think he wants this strike to have them. he can look like a hero. he can say to mom and dad, i got your kids back into school. cheryl: he is not the only one from the administration who has told the line with the teachers.
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he is the one who pushed a lot of the agenda that emanuel is now pushing. >> it does seem odd that neither the president whose adopted hometown is chicago has said a peep about it. this is a state where strikes by teachers are lawful. they are not unlawful. judges will order them back to work if there is a perfect safety issue. no one can monitor the kids. they kids are harming each other or the kids are being harmed. ortho -- or the teachers negotiate good faith. dennis: we see big issues of health care benefits. pension benefits. a $7 billion underfunded pension system in the school system.
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they are not really negotiating that. this is all over control over hiring union members. >> you are right. if some judge decides this is not really about compensation, that this is about the judgment of management, the judge may very well say go back to work and we will resolve it. this is not really worth your affecting the public welfare. cheryl: last night the head of the school board said i think there will be progress in the head of the union said, what, wow, there is no way. >> it is a weird strike. the mayor is a very strong person who really allows anything to happen in government that he does not want to happen. that is how i put two and two together and came up with my
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opinion on this. dennis: do you think the union is involved in this. >> i dow it. i think the mayor knew this was happening. cheryl: again, you have the backing of duncan who is sitting up in washington saying, yes, that is what i wanted. judge, thank you. judge napolitano. the strike is threatening the state finances. we will be joined by the state treasurer. dennis: also ahead, why apple has moved to drop the youtube apple app from future products. first, let's take a look at some of today's s&p winners. ♪ before copd...
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dennis: wall street commemorates 9/11 with a bull rally. take that, terrorists. the chicago teachers are on rally for a second day. why youtube may have the last laugh after apple takes away it from the apple products. nicole: we are looking at these two shipping packages. federal express and ups. both of these names in the news today with some up arrows.
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these two companies have now received key approval they have been hoping for to provide express package services. this is how big news here. they put this on the website over the last week. both stocks with up arrows. for today, they are celebrating moving into china even more so. let's take a look at the averages. that dow at the highest level since december 2011. s&p and nasdaq also up. cheryl: we will see you 14 minutes from now. oil trading higher. it could keep climbing if china continues to aggressively add to it reserves. chris faulkner joins me now. why do you say that parts of why
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is it such a concern for you? >> the energy security is important to every country around the world. however, they have 100 billion barrels of oil right now. they are aggressively putting a target of 2020 on that additional barrels. china, obviously, is a big demand user of oil. they will surpass the u.s. probably next year. cheryl: they have for stockpiling facilities, but they still have a long way to go before that is actually filled. >> that is just the first phase. they actually have phase two and phase three yet to be built. what they have done now is -- they have ten days and want to go to 90 days.
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they have a long ways to go. cheryl: the buildup that we have seen in crude over the last several months is not true demand at all, which would make sense because of the economic situation in the u.s. >> what we are seeing in china right now this cold being stockpiled. the use for cole is going down. the overall demand is pulling into the stockpile and creating this façade that china is using more oil than they actually are. hopefully it will rebound. they will go back to big demand user. cheryl: are you worried that the situation will cause a political headache for either the president or mitt romney? >> i think we are coming up on
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november pretty quickly. the month between the transfer. gas stations have already started to come down. you see oil today at $97. you also have some fear from qe3. you have that rolled into the price of oil and the speculation there. the president has a big issue if we go into four dollar gas. cheryl: chris faulkner, thank you. dennis: apple versus google. millions of youtube fans just got caught in the crossfire. when apple unveils the iphone by tomorrow god will be a popular icon. youtube. apple is taking youtube off its turf.
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it will open up thousands of new ad supported channels and videos that it could not carry. now, even lady gaga, unavailable before will be accessible to your fingertips. cheryl: this make sense. i am surprised they held on for as long as they did. google is the one that pushed. dennis: they just came up with an app that help you skip adds on youtube. cheryl: breaking news. you can now it looks like book a flight with american airlines. they have just been reporting that airlines reservation system had gone down. it looks like at this point it is backup. there is no word what is causing the disruption. illinois state treasurer dan rutherford is coming up on how
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the chicago teacher strike is costing the state big money. dennis: i have to say, it smells like parts of new jersey and my apologies to people in california and new jersey. my apologies to the golden state. we will be right back. ♪
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ally bank. why they have a raise your rate cd. tonight our guest, thomas sargent. nobel laureate in economics, and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will be in two years? no. if he can't, no one can. that's why ally has a raise your rate cd. ally bank.
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your money needs an ally. >> i am tracy byrnes with the fox business brief. the dow is hitting its highest level since december 2007. they are hopeful the federal reserve will take further steps to stimulate the economy. they gather for a two-day meeting on wednesday. a boeing plant and philadelphia was evacuated this morning. a letter was found threatening the facility. several hundred employees were evacuated at 7:38 a.m. eastern. go daddy.com -- the outage received internal network events and service has been restored. godaddy goes on to respond at no
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fifteen minutes could save you fifteen percent or more. cheryl: it is time for your west coast minute. they have blocked san francisco -- enacted last october, the city ordinance would have forced them to grief people. a strong odor has caused hundreds of complaints to be called and in the city of santa anna. officials believe the odor is coming from the sea. it is a saltwater lake 100 miles southeast from l.a. vice presidential candidate paul ryan had a fund-raising stop in portland, oregon last night. he is also expected a similar amount in seattle, washington.
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that is your west coast minute. dennis. dennis: billionaire investor george soros calls on germany to leave the euro zone out of the recession or leave the euro zone altogether. jim d'argo joins us now. what do you think of that germany fiat he is talking about? >> it is just not going to work. also, the german public will not go for it. it is a non-starter to begin with right off the bat. dennis: german federal court tomorrow is expected to rule on the locality of the bailout plan. all chaos would break loose. >> yes, i agree with you. it is one of those instances where there isn't much to do in the markets if they wrote it legally.
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we will have to see how the german court incorporate the german constitution and whether the bailout fund is established and legal in germany. i am no expert on german constitutional law. i will be watching tomorrow morning. dennis: you have no idea? you are not wasting it that either way? >> if i had to place a bet, there is no pets. i would put little downside. i would put less of a chance that there would be a downside ruling, that they would rule it unconstitutional. my guess is they would have been leaking something along the lines if that was coming. dennis: there is only downside risk there. let's go on to qe3 and the fed. the thinking is they will ease on wednesday, thursday, it is already in stocks. 13375 right now.
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>> i think it is a little more nuance than that. qe3 is in the market. i saw one survey that said 99% expected good the bigger issue is, expect what? we will get some kind of announcement that the fed will give us more stimulus. my understanding from the street is that $500 billion is kind of the over under number if you are a betting person. if you want to give the wall street and street surprise, it would be more than that. i will guess that they will go less than that because there is a significant number of talks on the fed like richard fisher. they will make a strong argument for not doing this and the compromise will be they will do a little less than wall street wants. dennis: there are three big things that they can do. one is they extend this twist
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things. another is simply extend the language of low interest rates even less. the big thing would be new money, buying new bonds, increasing the amount. do you think that will happen, actual qe3 extra money? >> yes, i do think so. if they were to do what you talk about, extending language or cutting interest on excess reserves, wall street will be disappointed. they will be that as a missed opportunity. they are expecting more money to be shoveled in by the fed. 500 billion is kind of their expectation and we will see whether or not the fed actually meet that target. dennis: is there any chance the fed comes out and they don't use in the market says it is because there is new data and it is
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better than what we think. >> if that happens, it will not happen on thursday or friday. the fed is in the business of telegraphing what they want to do. i think it would be an immediate and harsh negative if they came out and said we are going to do nothing. every had they have given us is something is coming. dennis: thank you very much, jim d'amico. cheryl: it is a quarter till. stocks now. nicole, knight capital is still trying. what do we know at this point? nicole: they are working closely with ibm. they hired ibm to review their software problems. you may remember on the morning of august 1. the people on this floor knew something was very wrong as the
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orders continued to come in. they say it was an undetected bug. an old software that released millions of unintended trades. that was obviously why they had to go outside for financing and get their feedback back on the ground. as ibm does more, they report back to the board. also they have hired knight capital planning to name a new chief officer. it is that 2.69. back to you. dennis: thank you very much, nicole. dan rutherford is coming up next on how much the chicago teacher strike us costing his state. cheryl: first, as we go to break, take a look at the winners on the nasdaq. green mountain. we will be right back. ♪ [ male announcer ] what if you had thermal night-vision goggles,
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cheryl: day two of the chicago's teachers strike. the state of illinois is in the crosshairs. we are joined from peoria illinois by dan rutherford. >> it is costing the state and
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the future for the children who are not in school today. there are parents who are not being able to go to work because they are taking care of their children today. i was actually spending the day in chicago yesterday and a lot of people out there and read t-shirts protesting right now. cheryl: one of the things that has hurt the state of illinois had to do with public pensions of workers. that does not seem to be part of the teachers debate right now. why is that? >> that is a very good point. as far as the state pension systems that we do with, chicago teachers are not a part of that system did they have a separate system that the state does not pay into. that takes that issue off the table. i would note that the issue of
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the teachers strike that is going on right now that there is about 402,000 children that are part of the public school children. about 52,000 of those children are a part of the charter school system. i think that will be a debate that is developing further as to whether we should expand the opportunity for more charter schools in chicago. cheryl: the key issue is evaluation, the races they have been promised, 3% for the first year, these salaries compared to other teachers, it blows them away. what is the reaction from teachers and the rest of the state of illinois? >> they do see that teaching is a hard profession. it is an honored profession. they do see there is a considerable benefit in being the chicago school system. i would note that it is my
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understanding that the negotiations have gotten to the point that the school board has put on the table a 16% raise opportunity over a four year. you are right, though, a couple of other areas is one is in regards to evaluation of teachers and the other is hiring by principals at the individual schools. cheryl: dan rutherford, thank you very much. always good to have you on the show. >> i appreciate it. looking forward to seeing you in new york. dennis: as we reflect on the 9/11 tragedy -- sandra smith joins us from the trading floor with more. sandra: so far it has been a big success with a lot of big names, regis thielman and eli manning.
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we also have that new york rangers goal tender. it is really exciting. this is a big day for a charity. >> absolutely. i have been coming here for the past couple of years. sandra: you are doing a lot of trades. 9/11, this is obviously a day we look back. >> absolutely. it is such a big date in new york history. i want to be here to show the support for other people. what an impact it had on america and also new york. sandra: are we in for another stanley cup? >> i think so. sandra: thank you so much. mark lewis, we have sports
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illustrated model three years in a row. thank you for being here. >> i was here on september 11. i was in sixth grade on coney island. sandra: you are doing some trades here? >> yes. we are trying to get the money for these kids. sandra: is it stocks or bonds? >> that is not a question you can ask a model. it has been pretty awesome. someone gets on the phone and they mess up my hair. sandra: had money. thank you so much. isn't she gorgeous? >> we were talking modeling just seconds ago. i was asked to come here and thank goodness i was asked because it is an honor to be here and raise money for these charities. >> how are your trades doing?
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>> i do not know. money i am not good with. sandra: thank you. today is a day to remember. >> it certainly is. i have three kids, we talked about it this morning at breakfast. sandra: a big mix of people here. we have supermodels, actresses, etc. dennis: please note in the next hour of fox business, sandra smith will be meeting with the guy behind all of this. it is cantor fitzgerald ceo. a lot more coming up. ♪
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>> you know, gary was on the show last week and said watch 13,330 because it will go higher. >> i know. we have

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